The Globe and Mail reports in its Wednesday edition that most observers doubt the Bank of Canada will cut its rate next week. The Globe's David Parkinson and Barrie McKenna write that Governor Stephen Poloz said Tuesday he was comfortable with last month's rate cut. He said it bought the BOC time for it to assess the effects on the country's economy following a dramatic plunge in the price of oil. Mr. Poloz said, "Given what we knew, we think it was the appropriate amount of insurance." The Globe says Mr. Poloz's comments had investors suddenly betting against a rate cut, sending the loonie up more than half a U.S. cent to above 80 U.S. cents. Some economists, however, expect that if the BOC does not cut rates in March, it could do so in April. The big issue for Mr. Poloz is the negative impact of low oil prices. He noted that the BOC's assumption when it reduced its key rate to 0.75 per cent from 1 per cent that Brent crude would stay at about $60 (U.S.) a barrel "has held up well so far." Brent closed on Tuesday at $58.66 (U.S.) a barrel. While Mr. Poloz stopped short of ruling out a further rate cut on March 4 at the bank's next policy meeting, economists say his comments make it much less likely.